National Employee Savings & Trust Equity Guarantee Act of 2003

[jevd]

Has anyone see this? Comments?

National Employee Savings & Trust Equity Guarantee Act of 2003.

This is the Senate Finance Comittee Chairman's Modification as published by the JCT

<a href='http://www.house.gov/jct/x-78-03.pdf'>http://www.house.gov/jct/x-78-03.pdf</a>

I know its only proposed but it is interesting. Bringing back some changes to 5500 reporting dropped from EGTRRA and some IRA changes as well.

[TCWalker]

NESTEG also proposes the pension yield curve idea from the Bush Administration to replace the 30 year Treasury rate - (is there a pun in this sentence?).

To quote ABC's Pres. James Klein: "If Congress messes up this opportunity to replace this outdated interest rate with a workable, understandable and fair measure, employer plan sponsors will have no choice but to freeze accruals of new benefits or leave the defined benefit system altogether. Moreover, a proposal that creates unwarranted volatility in interest rates and offers no advance warning of the direction in which these rates may move will do nothing to stem the decline in defined benefit plan sponsorship."